ABC Corporation has outstanding 500 shares of $1,000 bonds, each convertible into 70 shares of $10 par value common stock. The bonds are converted on December 31, 2017, when the unamortized Discount is $30,000. At the time of the conversion, the market price of the stock is $15 per share. Record the conversion using the book value approach. i. - TBIO- Question 4 Not yet answered Points out of 7 P Flag question ABC Corporation has 1,000 shares of $50 par value preferred stock. The preferred stock was originally issued at $75 per share. On August 21, ABC converted each share of preferred stock into 2 shares of $15 par value common stock. The common stock is trading at $50 per share at the time of conversion. Record the conversion of the preferred stock. in FT:- BIO- = = @